Template-Type: ReDIF-Article 1.0
Author-Name: Jan Vlachý
Title: Strategie podniku a finanční teorie
Title: Corporate strategy and financial theory
Abstract: The dramatically growing disproportion between the value of corporate assets and market valuation has resulted in a well-researched schism between strategic management and financial theory. Options theory provides a potent tool to resolve this issue. We propose a model which is consistent with both the Resource- and Contractual-Based Theories of the Firm and which demonstrates that corporate strategy can be perceived as a portfolio of embedded and real options. We further argue that embedded options typically serve as hedging instruments for real options which enhances their value and should be a major consideration when assessing the structure and form of contracts. Special emphasis is granted to human capital and the contractual arrangements through which firms purchase its product. Human capital is the key resource for the processes of real-options discovery and strategy-setting, both of which constitute the essential part of a modern firm's value.
Keywords: real options, theory of the firm, corporate strategy, capabilities
Classification-JEL: D21, D81, G11, G30, J24
Pages: 147-162
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=678.pdf
File-URL: http://www.vse.cz/polek/678
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:678:p:147-162

Template-Type: ReDIF-Article 1.0
Author-Name: Dalibor Roháč
Title: Je predpoklad voličskej racionality len mýtus?
Title: Is the assumption of voters' rationality just a myth?
Abstract: This paper discusses recent claims made by Caplan (2000, 2001a, 2001b, 2001c, 2002, 2007) who argues that democracies produce bad policies as a result of voters' irrational beliefs. We start by outlining the motives which led Caplan to amend classic Public Choice in such a radical fashion. We analyse the likely repercussions that his hypothesis might have on the future of the profession. We provide a critique of Caplan's distinction between experts and ordinary people and we conclude by suggesting an important degree of caution in interpreting Caplan's results and in providing any policy advice based on his hypothesis.
Keywords: public choice, rational ignorance, homogeneity of agents, analytical egalitarianism
Classification-JEL: D72, D83, H11
Pages: 163-176
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=679.pdf
File-URL: http://www.vse.cz/polek/679
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:679:p:163-176

Template-Type: ReDIF-Article 1.0
Author-Name: Marek Loužek
Title: Ekonomie bezpečnosti - jsou teroristé racionální?
Title: Economics of security - are terrorists rational?
Abstract: The aim of the paper is to outline an economic theory of security in international perspective. First section highlights the economic theory of alliances. Second section examines the defence economics. Third section looks at terrorism from rational choice theory point of view. Forth section analyses security dilemmas in the war on terror. Fifth section explores reactions of government policies. Sixth section explains security as a relative concept.
Keywords: defence economics, national security, international terrorism, rational choice theory
Classification-JEL: C7, D7, H4
Pages: 177-193
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=680.pdf
File-URL: http://www.vse.cz/polek/680
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:680:p:177-193

Template-Type: ReDIF-Article 1.0
Author-Name: Hana Brůhová-Foltýnová
Title: Aplikace mikrosimulačních modelů v osobní dopravě: zkušenosti z ČR a zahraničí
Title: Application of microsimulation models in passenger transport: results from the Czech republic and abroad
Abstract: This paper summarizes recent experience with microsimulation models applied to analyze economic and environmental impacts of transportation scenarios. First, relevant international studies from the European and North American countries are reviewed. Then, the paper introduces a microeconomic model calibrated and simulated for five largest cities in the Czech Republic. This model is the first attempt to apply a microsimulation model in the transport sector in the Czech Republic. Finally, results of simulations of different scenarios are discussed. Model simulations suggest that the increase in the excise tax on fuels is welfare improving. In cities, where operation costs of public transport are significantly subsidized, this tool should be accompanied with a fare increase as well, because of costs of public funds. A decrease in fares is not likely to be welfare improving because of small induced modal split and high requirements of public funds needed to cover such policy.
Keywords: passenger transport, microsimulation models, urban transport, transport regulation
Classification-JEL: D62, H23
Pages: 194-212
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=681.pdf
File-URL: http://www.vse.cz/polek/681
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:681:p:194-212

Template-Type: ReDIF-Article 1.0
Author-Name: Jarmila Zimmermannová
Title: Dopady zdanění elektřiny, zemního plynu a pevných paliv na odvětví OKEČ v české republice
Title: The impact of taxation of electricity, natural gas and solid fuels on sectors of nace in the Czech Republic
Abstract: The Czech Republic has introduced new energy taxation in connection with implementation of the directive 2003/96/EC, restructuring the Community framework for the taxation of energy products and electricity. New energy taxes are imposed on electricity, solid fuels and natural gas, with term of initiation on 1st January 2008. This paper discusses impact of new energy taxation on sectors NACE in the Czech Republic, particularly on prices of production. I have created the simple short-term price model for the Czech Republic, which is based on input-output methodology by Leontief. The paper is divided into six parts. The first part is introduction, where are formulated both the main target of the paper and two hypotheses for testing. The theoretical problems, which are connected with the impact of taxation and tax incidence, are discussed in the second part. The third part describes possibilities of analysing and modelling in the area of changes of tax system and tax rates. In the fourth part I describe the methodology and then I am creating the short-term price model for the Czech Republic. The next part consists of the main results, emerged from the price model and the two hypothesis testing, with focus on energy intensive sectors of NACE. The last part, conclusion, summarizes the main results and formulates the possibilities of additional research in energy taxation area.
Keywords: Czech Republic, NACE, Prices of Production, Energy Intensive Sectors, Input?Output Model
Classification-JEL: C67, E62, H22, H23, H25
Pages: 213-231
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=682.pdf
File-URL: http://www.vse.cz/polek/682
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:682:p:213-231

Template-Type: ReDIF-Article 1.0
Author-Name: Magdaléna Přívarová
Title: Genéza teórie ekonomickej nerovnováhy a jej miesto v systéme makroekonomických teórií
Title: Development of the theory of economic disequilibrium and its place in the system of macroeconomic theories
Abstract: D. Patinkin and R.W. Clower belong to the first criticists of the model IS-LM, and they have revealed its theoretical weaknesses. It was in the half of the sixties of the 20 century, i. e. at the time when there was nobody to make the effectiveness of the Keynes's policies dubious. These analyses have become a starting point of the theory of economic disequilibrium. It has reached its full development as late as in the seventies and eighties of the 20 century, especially in France. The research programme of the theory of economic disequilibrium is carried out by searching the microeconomic basic points of the Keynes macroeconomics. This proves, that although in the real economic life an economic subject tries to reach the optimum, he/she is forced to choose a solution which is not an optimum one. The fact that some economic subjects are subject to limitations has very important macroeconomic consequences, unemployment being one of them. The theory of economic disequilibrium brings some interesting facts into the analysis of recent unemployment. They are such facts as limitations, relative rigidity of wages,  spill-over effect and finally reasoning the existence of unvoluntary unemployment. Due to these contributions it helped the creation of the new Keynes economy.
Keywords: Equilibrium with limitations, spill-over effect, dual decision-making, typology of the kinds of unemployment, mixed unemployment, tâtonnement
Classification-JEL: B23, D43, D53
Pages: 232-249
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=683.pdf
File-URL: http://www.vse.cz/polek/683
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:683:p:232-249

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Štika
Title: Ekonomie a štěstí
Title: Economics and happiness - an overview
Abstract: In this paper I am trying to provide the reader with a brief overview of contemporary discussion about recently frequently mentioned topic of economics and happiness. In the last few years the number of publications related to happiness from the economic perspective growth exponentially. As the importance of this topic seems to grow significantly, I modestly intend to provide Czech public with a very starting reference point for further research in this field. In the first part I sum up the basic terms of subjective well-being and Easterlin paradox and give an overview of the most striking empirical observations. The second part shortly describes approach to the happiness problem of selected key historical personalities, namely Aristotle, Smith and Genovesi. In the third part I outline present key challenge for the economic theory - tackling with the reciprocity phenomenon.
Keywords: reciprocity, happiness, Easterlin paradox, Anthonio Genovesi, history of economic thought
Classification-JEL: A11, B19, B59, D64
Pages: 250-262
Volume: 2009
Issue: 2
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=684.pdf
File-URL: http://www.vse.cz/polek/684
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:2:id:684:p:250-262